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Stocks Tumble as Jobs Data
Pique Concerns About Rates

By

Erin Schulte The Wall Street Journal Online

Updated May 7, 2004 5:14 p.m. ET

The prospect of rising interest rates was once again the scapegoat for a selloff, with investors interpreting the latest upbeat jobs data Friday as more evidence that the Federal Reserve would soon take action.

The selloff widened late in the session, with the Dow Jones Industrial Average sinking 123.92, or 1.2%, to 10117.34. The Nasdaq Composite Index gave up 19.78, or 1%, to 1917.96 and the S&P 500-stock index was off 15.29, or...